Commercial spaceflight achieves a major breakthrough; funding has been deployed (see list)

Commercial spaceflight brings new news: the first satellite testing and launching technology factory has been established.

Jinko Solar Clarification:

The company has not engaged in any cooperation with Elon Musk’s team

On the evening of February 4th, Jinko Solar issued an announcement regarding abnormal fluctuations in its stock trading. The company noted that recently, the capital market has shown high interest in concepts such as “space photovoltaics,” and related sectors have been quite active in the secondary market. Currently, “space photovoltaics” is still in the preliminary stage of technological exploration. The industrialization process is influenced by multiple factors including technological development, industry policies, and market environment. The application of technology and industrialization will still require a certain amount of time. As of now, the company’s main business products remain focused on ground-based photovoltaics. The company has no orders related to “space photovoltaics” and has not impacted its operating performance. Investors are advised to exercise rational judgment.

Jinko Solar stated that market rumors suggest Elon Musk’s team recently visited several Chinese photovoltaic companies in secret, and the company has had contact with Musk’s inspection team. After verification, as of now, the company has not engaged in any cooperation with the relevant team, nor has it signed any framework or formal agreements, and has no orders on hand. “Space photovoltaics” is still in the initial stage of technological exploration, with an uncertain technical route, and no specific feasible projects have been implemented.

Additionally, the company’s performance is under pressure. According to the earnings forecast, Jinko Solar expects a net profit attributable to the parent of a loss between 5.9 billion and 6.9 billion yuan in 2025, and a non-recurring net profit loss between 6.7 billion and 7.8 billion yuan. This is mainly due to the overall low prices of photovoltaic modules, a relatively low proportion of high-power product shipments, and the company’s cautious approach to impairment testing of long-term assets showing signs of impairment. After careful evaluation, the company will make asset impairment provisions according to enterprise accounting standards, which will have a certain impact on performance.

On February 3rd and 4th, Jinko Solar experienced continuous large increases, with a total rise of 35.92% over the two trading days. After-hours data shows that from February 3rd to 4th, the Shanghai-Hong Kong Stock Connect designated seat sold a net total of 12.68 million yuan of Jinko Solar. The China International Finance Shanghai Branch and Kaiyuan Securities Xi’an Taihua Road both bought more than 100 million yuan worth of Jinko Solar.

First in Commercial Space

Birth of the Satellite Testing and Launching Technology Factory

On February 4th, according to Tianbing Technology, the Jiuquan Satellite Testing and Launching Technology Factory of Tianbing Technology recently passed the pre-acceptance review. As the first domestic commercial space satellite testing and launching technology factory, it marks the realization of a full-process closed loop for Tianbing Technology’s “One Rocket, 36 Stars” large-scale launch, and the full advancement of China’s satellite internet network deployment. After the Jiuquan satellite technology factory is put into operation, it will form a “north-south linkage” with the Zhangjiagang intelligent manufacturing base: Zhangjiagang will undertake the mass production of 50 Dalian-3 rockets annually, while Jiuquan will be responsible for satellite batch testing and launch preparation, fully supporting the first flight of Dalian-3 and subsequent commercial launches.

The establishment of the Jiuquan satellite factory signifies that Tianbing Technology has completed the full chain from rocket self-research and large-scale manufacturing to testing and launching, officially moving toward engineering applications: Future improvements include increasing single-rocket launch efficiency by 100%, reducing network construction costs by over 30%, ensuring more than 60 high-frequency launches annually, and promoting the construction of China’s low-earth orbit satellite constellation, supporting high-quality development of China’s commercial space industry.

In recent years, China’s commercial space industry has maintained rapid growth. According to data from the China National Space Administration, in 2025, commercial space launches will total 50, accounting for 54% of China’s total space launches for the year. Among them, 25 commercial launch vehicle launches; 311 commercial satellites will be launched into orbit, accounting for 84% of China’s total satellites launched that year. Reusable launch vehicle technology is accelerating breakthroughs, with the Zhuque-3 reusable launch vehicle completing its maiden flight, successfully placing a second-stage into orbit, and conducting key technology verifications such as re-entry and return of the first stage.

Industry is expected to accelerate expansion

China’s top-level policy design for commercial space remains clear, with a continuously improving institutional framework. In November 2025, a significant milestone was reached—the establishment of the Commercial Space Department within the China National Space Administration, marking a new phase of standardized and professional development for China’s commercial space industry. In the same month, the CNSA issued the “Action Plan for Promoting High-Quality and Safe Development of Commercial Space (2025–2027),” integrating commercial space into the overall national space development plan. These policies provide a clear institutional guarantee for industry innovation and orderly development.

Supported by policies, the commercial space market is active in investment and financing. According to the “China Commercial Space Industry Development Report (2025),” total financing in 2025 reached 18.6 billion yuan, a year-on-year increase of 32%. The three most popular areas for financing are satellite applications (8.7 billion yuan), rocket manufacturing (6.17 billion yuan), and satellite manufacturing (3 billion yuan).

The IPO process for commercial space companies is accelerating. On December 26, 2025, the Shanghai Stock Exchange issued the “Guidelines for the Application of the 9th Version of the Listing Review Rules for the Shanghai Stock Exchange—Supporting Commercial Rocket Companies to List on the STAR Market,” supporting commercial rocket companies in the critical period of large-scale commercialization to list on the STAR Market under the fifth set of listing standards.

Since the policy release, the listing progress of China’s commercial space companies has significantly accelerated. For example, Blue Arrow Aerospace’s IPO review status on the STAR Market has changed to “Inquiries,” and China Spacecom completed its guidance work on January 24. Companies such as Tianbing Technology, Galaxy Power, and Interstellar Glory are currently under guidance for listing.

11 Commercial Space Stocks Expect Net Profit Growth

According to Securities Times and Data Treasure, there are 68 stocks in the A-share market related to the commercial space concept, of which 52 have released their 2025 performance forecasts. Among them, 5 are expected to turn losses into profits, 9 are expected to reduce losses, and 11 are expected to see year-on-year growth in net profit attributable to the parent. Based on the lower limit of the forecasted net profit growth, Beimo Gaoke, Zhimingda, and Aerospace Science and Technology are all expected to grow by over 300%.

Beimo Gaoke’s earnings forecast shows an expected net profit attributable to the parent of 190 million to 220 million yuan, a year-on-year increase of 1076.16% to 1261.87%. The company stated on the investor interaction platform that its subsidiary Jinghan Yu is actively expanding cooperation with Beijing Micro-Nano Starry Sky Technology Co., Ltd. Jinghan Yu has established actual business dealings or project contacts with some listed companies in the commercial space field. With its comprehensive testing capabilities and qualifications, it has the ability to provide supporting services for more commercial space enterprises.

From the market perspective, since the beginning of the year, the commercial space sector has experienced a rise followed by a decline, with some stocks’ prices significantly retraced. Based on the latest prices compared to the year’s high, Aerospace Huatu has the largest retracement at 48.8%, and Shaanxi Huada, Aerospace Huanyu, Aerospace Zhizhuang and others, totaling 12 stocks, have retraced more than 30%.

Despite the price retracement, some funds continue to increase holdings. Aerospace Development, Tianyin Electromechanical, Aerospace Power, AVIC West have each received net financing inflows of over 400 million yuan since the beginning of the year.

Aerospace Development’s latest price has retraced about 20% from the year’s high. Since the beginning of the year, it has received net financing of 1.236 billion yuan. The company stated on the investor interaction platform that its subsidiary, Aerospace Tianmu (Chongqing) Satellite Technology Co., Ltd., mainly engages in commercial low-earth orbit satellite operations and data application services.

(Source: Securities Times)